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down to the next 24 hours. one year of campaigning, $1 billion spent, mitt romney ever the optimist going up against the pessimist barack obama. i'm still picking romney and you'll hear my commentary later in the broadcast. >>> for the first time with just hours to go, pennsylvania now coming up in play. that is astounding for a state long thought to be in obama's hands. we have amassed all of the kudlow all-stars on both sides of the aisle to help us out for the next hour. >>> first up, the first polls close in 24 hours. that includes the critical battleground state of virginia. so how close will tomorrow be? or can we expect mitt romney or obama to pull off a sizable win? who knows. chief washington correspondent john harwin knows. >> everything we know suggests it's going to be chose. let me give you context for prediction of a romney victory. take the latest nbc/"wall street journal" poll. obama 48%, romney photography%, can't get any closer than that, well wind the margin of error. then go to the battleground states. we've got three late battle ground state polls. first of all
is called for mitt romney. a state that mccain won in 2008 by a wide margin. the state of connecticut is called for obama. an important state there with a high profile senate race between linda mccann and representative chris murphy and the district of columbia just three electoral votes is called for president obama. >> we're waiting on florida right now florida is still too close to call. this of course is one of the t hotly contested states. florida too close to call. the polls are closed in florida. onto illinois where obama has taken illinois. as you can see there illinois is going to the president. maine also going to the president tonight. nbc news projecting president obama is the winner of maine. onto maryland where we are also seeing president obama take maryland. and that of course ten electoral votes. >> interesting. the state of massachusetts governor romney's home of course as governor at least being called for barack obama. also home to a very high profile senate race between senator scott brown and elizabeth warren of harvard. the woman who set up consumer protection
. >> yep. >> another winning -- another winner on a close call in idaho. idaho is going to governor romney. governor romney wins idaho with four electoral votes. nbc news projecting mitt romney the winner there. >> couple of big states out of the pacific northwest as we continue to hear the crowds at democracy plaza. the state of oregon, too early to call. although nbc news is saying that the president, barack obama, does lead in the state of oregon. and washington state. nbc news projects that barack obama will take the state of washington. there are some cheers in democracy plaza. we'll go back to there as the map fills in as the night goes on. >> not really clear who the fan base is for because you're hearing the same kind of, you know, phrase for both obama and romney. >> puts the president at 243 which is less than 30 points needed to get to 270. things are getting important here. in the meantime, your headlines at this hour. nbc news projecting obama ahead in electoral votes after sweeping up california as we mentioned. wisconsin, new hampshire. the first of the battleground state al
rolls to re-election and a second term, defeating mitt romney despite a weak u.s. economy and persistently high unemployment. >> investors cheer obama's re-election. equities trading high led by autos and health care stocks. >> democrats keep their hold of the senate and republicans keep their control of the house. >> there will be a tough challenge facing the looming fiscal cliff. >>> a very good morning to you. it's been a long night, but we have a result. >> yes, we do. let's get right it to. president barack obama capturing a second term in the white house despite the struggling u.s. economy. he did manage to win many of the same states he took in 2008 and nearly all the critical swing states, including ohio, virginia, and colorado. speaking to supporters in chicago just a few hours ago, the president congratulated his republican challenger on the spirited race and said there's plenty of work ahead to fix the country's fiscal problems. >> i believe we can seize this future together, because we are not as divided as our politics suggest. we're not as cynical as the pund
about just election uncertainty coming out of the market, not about whether it's a romney or obama victory. it is people just looking at it. it's election uncertainty coming out. >> that makes a lot of sense. real quick, let's go around the horn here. how do you allocate capital? what do i want to be exposed to, and what do i want to sell in 2013? given all of this that we know so far. >> well, you definitely want to get out of defense stocks. you don't want to be there because i think that those have already moved. if you get an obama win, you're going to get a pullback there. i think you want to start to look at retail. if people start to feel better, they're going to spend more money. >> all right. keep away from defense. buy retail. who's next? >> well, what i would do is i would keep a balanced portfolio. 50% equities, 50% fixed income. you want to go up the quality spectrum as well as you don't want to be exposed to european equities. when you have a destabilizing economy across the globe, that's where you want to allocate. >> jump n next up. >> i think that no matter who win
't worry, i'm going to give you some picks for an upset by governor romney, although i'm on record thinking it's most likely not going to go the governor's way. but i bow to popular demand. first up, let's figure out how stocks have really done under president obama and i'm going to use a prism that i haven't seen anybody else use, the five-year lookback. you cannot use the inauguration day as the starting point. there's too much priced in at that point. almost every stock is higher, so it's irrelevant. the s&p is up 75% from inauguration. we need to go back to when the great recession was just about to begin. it became clear the next occupant in the white house could be a democrat, proved my thesis that if obama wins, it might not matter the stocks nearly as much as you think. anyway, with this five-year timeframe, the phrase "under obama" as most oil stocks fared badly under obama, simply doesn't hold up under any rigorous scrutiny. some stocks have done better with obama than without him. others will fare better if romney wins, as i'll explain later in the show and we'll expand tomorrow
few weeks that obama was going to lose. that romney had decided to spend a ton of money and win pennsylvania and ohio and he already owned florida. so it's all a done deal. don't believe me? did you watch cnbc's coverage last night? republican after republican came on saying that such a scenario would play out, right up until ohio got called for the president. these people were just plain, out right sellers today. they bought in anticipation of a romney win. they sell on a romney loss. most of my investors will say oh, yeah, hey, sure. let that run its course. i'm not going to sell my gap stores for target, right or wrong. however, i would rebut that we suddenly have a new word. the head of the european central bank mario draghi picked today of all days to say things have worsened dramatically in europe, including germany. that means there's a new sense of urgency to fix the europeanness and we're learning to be wary of the way europeans are going about their "bailouts." here's what the client would say. wait a second. we've been through this before. why do i have to take any ac
is ohio? well, this is the airport in cleveland and these are the airplanes of governor mitt romney first and vice president joe biden just a few hours ago. we will show you why that state's economy may well determine the outcome of today's election. >>> and this is the dow chart since the president took office, up more than 60% at 13, 260. accident of histly? who knows? start at the new york stock exchange where my partner sue herera is on the post. sue? >> indeed, it is a big day down here on the floor with a triple-digit advance. you know, five of the last six election days, the dow moved less than 1%. obviously, it maybe quite different today. right now the dow jones average is up better than 1% already, up 147 points, almost 148. the s & p up almost 13. the nasdaq up almost 18. bob pisani joins me here on the floor of the new york stock exchange, a decent pop, fairly broad based. an election day lot of commentary floating around, a lot of people pushing positions, much of the commentary is erroneous but that's what moves markets these days. here's what's important, the biggest single
story this evening, four days before election day. and the race between president obama and mitt romney could not be any tighter. >> four more days! four more days! >> all right. the president today telling his liberal supporters that the mere mention of governor romney to exact revenge. >> no, no, no. don't boo. vote. vote. voting's the best revenge. >>> and thank you, again, vice president joe biden, for yet another gift. >> there's never been a day in the last four years i've been proud to be his vice president. not one single day. not one single day. >>> and we ask a key question tonight. is hurricane sandy so much worse with the loss of life and incredible suffering covering a third of the country? is that going to put voters in an angry, frustrated and ugly place? so much so that it damages president obama's re-electionesre-electio re-electionest. >>> we begin tonight with breaking news. after a friday filled with fury, michael bloomberg gave into the criticism and canceled the ing new york city marathon scheduled for this sunday. let's go live to cnbc's brian shactman with the la
-- i should say american football indicator here. it points towards a romney victory. >> besides all that, plenty corporate news. hsbcs has set aside an additional $800 million in the third quarter to deal with the u.s. anti-money laundering probe. that brings the total to 1.5 billion. the banks also had to set aside more than $250 million to cover british customer claims. pretax profit of $3.5 billion and will hlower than the same p in 2011. >>> japan's biggest automaker has revved up its profit forecasts to close at $10 billion. toyota is the first and possibly only firm among the top three carmakers to raise its outlook for the current fiscal year. it noted strong sales in north america and asia and toyota posted a better than expected net profit of $3.2 billion in the third quarter. that was more than triple the amount it made in the same period a year earlier. more on that story in just a bit. >>> and 12 million customers are still without power in new york, new jersey and connecticut a week after hurricane sandy struck. and a cold snap is setting in to the region and nor'easter
surprise for mr. romney. if that's the case -- >> you think romney wins -- >> i do. >> -- that will be a surprise and this market rallies on that win? >> i think the market rallies big. there will be a lot of money in motion. people will be moving on with decision-making. there's trillions of dollars just waiting for confirmation for a new course. >> todd, what do you think's going on right now? what do you think is going to happen tomorrow? >> well, you know, just -- i'm just going off historic returns. when a democrat wins market goes down, average 9.3%. if a republican wins they'll greet the market with buying. and that's usually the day after. but as far as next two days, i think we're going to see very similar tape that we've seen today. the good news is, i think we get beyond that uncertainty. the week of election usually shows positive returns overall regardless if it's a democrat or republican that wins. and then we go on to a very favorable seasonal period for the market, the month of november, december. >> of course, triggers all sorts of buying with the h
is on. >>> president obama and governor romney, new polling numbers out. what do they show? >> the national numbers show a dead heat race. 48%-47% in the latest nbc/"wall street journal" poll. the challenge facing mitt romney is the swing states, battlegrounds. there are nine of them. if you look at the ones where president obama is leading, average all the polls on the realclearpolitics.com website. you see the president of the united states is leading in swing states like ohio, new hampshire, colorado, iowa, nevada, wisconsin, all those are critical. mitt romney's only leading in two of the swing states, we're talking about florida with 29 electoral votes, and north carolina with 15. you add those together to the base states that mitt romney has. that only makes 235 electoral votes. president obama with 303. that doesn't mean mitt romney cannot win. he's very close in some other states. in colorado, for example, in new hampshire, he -- but he's going to have to make up a lot of ground in a lot of places to get there and the last swing state polls we showed showed six. poi
for the first time five votes each for obama and five for romney. election coverage begins with a special edition of "squawk box" tonight at 5:00 p.m. eastern time followed by prime time coverage here on cnbc. jim will be a big part of this. >> i can't wait. a big night. i think that -- look, as maine goes so it goes. new hampshire, i don't know. when i look at all of the polls, i here it neck and neck. when i look -- this is why i believe it will be for obama. that's not a political statement by the way. what i'm saying is i look at the states and obama does factor plus or minus he's ahead except for virginia and maybe florida depends on the poll. i urge everyone to go out and vote in new jersey. very difficult. largest polling place in our town closed. no power. people have to recognize that the adversity of a lot of people trying to vote today shows you that democracy is trying to be at work. not as easy as you thought. >> i have always said voting is messy. we do it better than just about anybody else. >> north korea has the 99%. everybody seems to turn out. >> regardless of whether t
of view? >> i think romney may have to wait whereas obama probably does it a little bit sooner. >> if you're just joining us, final set of numbers on on the u.s. jobs market before the election will be out in just a few hours. >> stocks in europe into the green. >> and raising costs of sandy. one estimate now puts losses from the storm at $60 billion. >> and trade link, we'll hear from the chairman of the investment correspond naturing boa coordinating board of how the country is dealing with qe in the west. >>> policy easing raise the specter of high inflation and overheating in developed economies that are expecting faster growth rates. >> indonesia has seen its foreign reserves balloon to more than $100 billion. earlier ross spoke with the chairman of the indonesian investment coordinating board and started asking how the company is dealing with hot money flows. >> the government has to channel p participating easing money coming from the western u.s. and the best way to handle the issue is by building the infrastructure. this is the thing we would like to see happen in indonesia. >> a
votes for president obama, five for governor romney. back in 2008, president obama defeated john mccain 16-5. let's take a look at the map. 270 electoral votes are needed to win. nbc news now shows president obama with 237 likely. romney 206. and 95 in the toss-up column, so it is going to be a very long evening, andrew. >> i think we'll be staying up pretty late and then we'll be back at it tomorrow morning. but cnbc's team of reporters has the country covered this morning. stationed in battleground states, campaign headquarters and here at election central. among our guests this morning, house majority leader eric cantor, and then private equity pioneer and obama supporter alan patricof, outspoken republican ken langone, don peebls, and one of bush's right hand many, larry lindsey will be joining us. and then later today, a very special afternoon edition of "squawk box," we'll pick up election day coverage again at 5:00 p.m. so if you're sticking with us now, stick with us all day and the cnbc team will continue throughout the evening. of course you can take part in all of this by
margins in florida, virginia, colorado and ohio. >> governor romney has been having a tough time here in ohio because everybody knows he was against saving the auto industry. you don't scare people just to scare up some votes. >> i can't wait for us to get started. he's hoping we'll settle. americans don't settle. we build, we aspire, we dream, we listen to that voice that says we can do better. >> john harwood will join us with more. and then we'll focus on pot ticks with jack welch. romney campaign adviser senator rob portman and roger altman. so obviously a full lineup to get through all of this. andrew and joe, back over to you. >> let's check on the markets this morning. futures are indicated lower. as i've been pointing out for a while, there is a labor day indicator that jim stack and others have pointed to. and 25 out of 28 times, if the dow jones industrial average was below where it was the friday before labor day, the incumbent loses. and that number 13, 091 and the dow closed at 13,093. so two points above. >> do you think it was sandy? >> i don't know what it was. turned
romney victory. if you believe what most commodities are pointing to, it could be a re-election for the president. one thing is for sure. someone will be elected tonight or even tomorrow if it's a photo finish. >> absolutely. let's look at big rally here. the dow holding on to a triple-digit gain throughout the session today. we're off the best levels of the session. nonetheless, up 143 points on the industrial average. that's better than 1%. a similar move for the nasdaq. 12 points higher, again off the best levels of 1311. the s&p 500 currently showing a gain of nearly 1%, about 12 points higher. so what are the markets hinting about tonight's presidential results? let's get some opinions on that. >> yes, let's do that in the "closing bell exchange." joe, what do you think? can we read anything into today's market action based on what's strong or what's weak or whatever? >> not so much. heading into the election, if you just look at the polls, it seemed pretty clear both candidates are really neck and neck. i think part of the rally you're seeing right now is just a r
and mitt romney will leave their fate in the hands of u.s. voters today after a long and bitter campaign battle. national polls show obama and romney in a dead heat. although the president seems to have an edge in ohio. and tracie potts joins us live from cincinnati, ohio in the wee hours of the morning there. when do polls open, how important is ohio, and when will we start to get a sense of the outcome? >> reporter: the polls here in ohio open at 6:30 eastern time. so we have about 2 1/2 hours. this is one of the polling places, a local church here behind me. however important is ohio? for months we've been talking about ohio really sort of being a bellwether state, ohio being the most important battleground state. and that's because ohio has a history of choosing presidents, particularly cincinnati where i am, it's been described as really the biggest swing part of one of the most important swing states. and in terms of when we may start to get results, the polls here close i believe at 7:00 eastern time. so shortly after that, we'll start to see precincts reporting. but because this
battleground state of wisconsin shows a dead heat. romney, obama, tied at 49%. so joining me now for an exclusive interview is governor scott walker, republican from wisconsin. governor walker, as always, sir, welcome back to the "kudlow report." we appreciate it. they're tied at 49% which is something of a surprise. the republicans strnts taken the state of wisconsin in a presidential election since 1492. so how does it look, how do you see it right now? >> well, i was out in green bay, wisconsin nearby where the president was today. i've been all over the state the last couple days. momentum is clearly on our side. and you expect that out of somebody advocating for candidates, but i've really seen it. we made 4.5 million voter contacts leading up to the june 5th election. we won by a bigger mar begin than we did in 2010. and that basis of support hasn't let up, that converted over to mitt romney, it got inspired when paul ryan was added to the ticket. but most importantly, the day after mitt romney had that impressive first debate in denver, we saw the phone lines lit up, we sa
there to be a ridiculously euphoric rally if romney were on to win. i don't believe he will. in fact i don't favor him winning. but having said that -- i know, no politics. >> no, i take issue with the statement that markets will have a rally if romney wins because we've seen a number of commenters putting out notes from firms from wall streerts who support romney nevertheless saying they think some of the price action, weaker stock market, a little bit of back up in bond yields may be owed to the fact that markets pricing in romney victory and actually not liking what it sees. p. >> i don't agree with that at all. i think on this side of the pond, the dominant view is that obama will probably succeed. i don't think the market is pricing that in at all. i think if anything, folks are continuing with the same means which are very, very weak europe, concern prior to the pmi number today about china, the fact that aggregate demands in general is under pressure. this is still a big global story about aggregate demand relative to the supply of labor capacity and capital globally. we don't have a sufficient
be a positive for the challenger in the form of mitt romney but everybody has their own unique foibles how they want to proceed on the trading side. traders aren't giving me anything solid as a glimpse into who wins but they seem optimistic they think the fiscal cliff will be dealt with, but it won't be dealt with until next year and dealt with retrospectively. >> i would agree, that's what people are saying now. chris, regardless, you're saying you're staying neutral before the election. what does that mean? where are you putting your money right now? >> i think the only pull we really believe is we're going to end up with a divided -- a divided government again. that's for sure. as a consequence, when you look at the presidential outcome, i think right now the edge seems to be at obama based on the polls. but well within the margin of error. so, if you saw a romney victory, i would disagree with rick, i think you could see a pop in the markets if we saw a romney victory. from ourve, if you want to look at what you emphasize, tradeable themes on the republican side and democratic side. if
challenger mitt romney to be a dead heat. on wednesday the greek parliament is due to vote on a package of austerity measures and then china's congress convenes for once in a decade leadership change. that's not evening mentioning ecb. there's been some that have said this is potentially the highest concentration of risk of the entire year. >> i heard this. it's embarrassing to hear. what's happened the whole time is there are managements that have made money during this period and managements that have failed and models that have made money and models that have failed. i spent a lot of time this weekend going over the last five years of stocks. what i find is that you have the ibms which delivered. moved from hardware to software model, consulting and hewlett packards that failed. when you do risk on and risk off, i'm an s&p trader. i trade the s&ps. forget individual stocks. if you want to play that game, fine. >> a lot of institutions play that game. not just hedge funds. a lot of mutual funds. overall investors play that game. risk on and risk off investing for more than a few month
romney to win the election. this is business as usual. the market is now focusing on the fiscal cliff. the consequences of not figuring something out are so dire that the government, in spite of themselves, is going to figure something out. we think in terms of taxes, don't think anything draconian is going to happen. we think capital gains and dividend tax might go up to 20%, 25% at the highest. we just don't think it would with fly and wouldn't make sense. we would not be making any radical changes in the portfolio short of having, if you repositioned your portfolio for a romney victory. obviously, then, you want to undo some positions. >> just to state the facts, meg. you are dealing with, you know, high income clients at jpmorgan private bank. you're hearing concerns from them. 20 to 25% in dividends. the facts are if these guys do nothing about the fiscal cliff, dividend taxes could go to 43%. that's a huge difference from 15%. do you believe it could be 20 to 25%? what's your take? >> clients are certainly concerned about this. they're asking a lot of questions about the dividen
that the unemployment rate ticked up is something that governor romney will emphasize, it's higher than when the president took office. that's the headline number. but i agree with austan, the fact you had 171,000 jobs this month and i would even add to that, it's not just this month, it's the trend for the past couple of months is higher, about 170,000 for the past couple of months. and that's a good sign. the one thing i would say is that while that's better than the average, the number of jobs created per month since the turnaround in early 2010 has been about 140,000 per month. this is a little bit better than that. the one disadvantage of it is that you need about 119,000 per month just to keep pace with population growth. what this means is that even with 170, you're adding 50,000 per month and if you play that out, it would take 13 years then to make up for the jobs lost during the recession and still keep pace with population growth. >> what about sort of on top of all of that and let's talk about the superstorm sandy, a terrible human and personal toll. what impact does it have in t
in star bucks for an hour and a half? these folks we have on today, huge romney guys. i'm worried about you. i want you to just take a deep breath. >> i'm going to have a great morning. this is like a cocktail party of the morning. >> a billionaire are solar. i don't know how that happened. >> smart guy. >> still pitching the no fossil fuels. we'll have to ask how we'll manage that. but this is like what it's like in an all solar world. it would be worse than this, just so you know. just take a good look around. >> why want to tell you what the cover of business week looks like. >> i know what it is. >> it says it's global warming, stupid. >> i saw al qaeda was blaming it on our nasty activities around the world. i would bet you that the link is about to have the same chance of being true of either one. >> governor cuomo was talking about this yesterday, how the storms are coming in more and more frequently. insurance companies are saying that -- >> they're the not though. >> but they're hitting major population centers and maybe causing more problems there. >> to look at anything on a
gop challenger mitt romney. it was battleground state ohio that put the president over the top. it was status quo election. democrats keeping control of the senate. republicans, the house. in his victory speech, the president outlined some of what he hopes to accomplish early in his next term. >> in the coming weeks and months, i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together, reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil. we've got more work to do. >> here's what does not change as a result of last night's election. dodd-frank, financial reform, obama care unlikely, probably impossible to repeal now and fed chair ben bernanke will serve out his term until 2014. not only did you guess correctly, jim, you said it would be decisive. you also said that futures would not uniformly be negative and we're not sure why they're down at this very moment. >> i think there's always going to be a perception that the run yesterday was because of a b
at obama headquarters in chicago. hampton pearson is with the romney team in boston. but phil, we will start with you. >> andrew, good morning. it's only been a couple of hours since president obama gave his victory speech here at mccormick place. and that speech a lot of people were looking at and said did it set at least initially the tone for his second term in office. during the speech, he talked about the country coming together and ending the divisiveness that has been typified by the campaign over the last several months. in particular, he made mention about the deficit and coming together to work on solving the deficit, and more importantly, the republicans and democrats finding some solutions. >> whether i earned your vote or not, i have listened the you. i have learned from you. and you've made me a better president. and with your stories and struggles, i return to the white house more determined and more inspired than ever about the work there is to do and the future that lies ahead. >> president obama will return to the white house later this afternoon. he spent last n
these things are characterized. many times. you know, in the debate between mitt romney and barack obama, obama laid out this notion that somehow romney was not in favor of any more revenues and romney debunked that and said, look, we're in favor of revenues, and i think he was largely speaking for the republican party at that point. we're in favor of more revenues. the ryan budget, for example, had revenue assumptions in it. so i think what's got to happen is that both sides have to let the other team take a victory lap. let republicans come into this debate where we keep tax rates low and reasonable and predictable and drive toward tax reform next year. democrats can come into the debate and claim a victory and say, well, we're interested in more revenues. the key is, can we get to these underlying situations and that is entitlement reform. that's where the action is. >> okay. but how realistic is it to postpone or extend everything for a year? as i understand it, this was in the "wall street journal" editorial page this morning and i've heard this elsewhere, that mr. boehner would like to ju
offer. >>> welcome back. mitt romney may have lost the presidential election, but some democrats are warming to one of his key tax reform proposals. remember this? >> everybody gets -- i'll pick a number -- $25,000 in e ductided and credits. you can decide which ones to use. home mortgage interest deduction, childcare tax credit and so forth. you can use those in filling that bucket of deduction. >> robert frank looks at how a deduction bucket impact everything. >> the gop doesn't want to raise tax rates. many on both sides are now talking about cutting or limiting deductions to raise revenue. that would appease both parties. some argue that this would be a gift to the wealthy, but in fact, millionaires would bear the brunt of any cut in deductions. let's look at the tax policy center. if deduction were capped at $25,000, people making $1 million or more would see a tax increase of more than $97,000. this group would could for more than 45% of that tax change. people making more than $200,000 a year would account for more than 70% of that change. the middle class, well, they woul
romney's plan. he lost the election but might his ideas win out in the end? plus obamacare, continues to take it's toll on jobs. and one ceo's comments about it's plan are spurring a national movement to eat pizza. 48 days until the biggest tax hike in the history of the planet earth. president obama put labor and local interest groups to who knows what. senate minority leader had the perfect response on the senate floor today please take a lis ebb. >> the amount of revenue that they are prepared to put usual over the cliff over wouldn't fund the government for one week. so why in the world would we want to do that? what is the point? to make people feel good about whacking somebody else. >> so what is your answer to what mitch mcconnel said? go after rich people. why do it at all? >> it is good to be with you. i think that the minority leader seems to have a math problem. ending the tax cuts for the rich is worth $1 trillion. i think our government spends a little less than $1 trillion. most people think it is $800 billion. this is a ten-year number. you are $80 billion a year. and t
. is it qe, or is it romney? are the effects of the weaker stock after the number, are they effects of a stronger dollar after the number really because of qe, or are they because not only do we potentially have a challenger that's close enough to win but if that challenger does win, what's to say to bernanke, what's to say to the fed, what's to say to qe, what's to say to the bye bauy backs? you can go either way on it. all these issues are making it difficult for investors who have a good hunch to necessarily bet a bunch. >> very interesting day. you make a lot of good points. jeff cox, what do you think? >> i want to piggy back on this theme of good news is bad news and maybe people are worried about bernanke is going to go to the basement of the fed and pull the plug on the printing press. if investors out there are concerned that we do stop the qe train and it might get in the way of market rally, let me offer something for them. i've been crunching the numbers on the jobs report all day. the thing that stood out to me more than anything was no gain in wages. we've been stuck o
. had romney won each of those states, that's 315 electoral votes. they have to modernize. it's not a case of for or against illegal immigration. it's about straightening out this mess. romney the efficiency expert could have straight thaend out, created an orderly system where we take people in, people don't have to hide in the shadows and people can be put to work and get some sort of documentation. that's what they need to do. >> igor, let me go to you. let me go back to the economic message. romney tried to run as a free enterpriser but he didn't talk about supply side tax cuts much with the exception of the first debate, which he won nicely, and that i thought was his single best defense of free market capitalism and lower taxes and lower spending. but i think barack obama was pretty clever. he basically said blame george w. bush, which the exit polls said people did, and the economy, give me more time. romney won the economic issues, igor, but he didn't win it by that much. so i don't think the republicans got their message out. >> larry, i don't think he won the economi
re-elected by one electoral vote and romney getting the popular vote particularly because of the storm on the east coast, you know, new york, new jersey, and connecticut tend to lean democratic, so you might have fewer public votes from the democrats. it's going to be interesting. i would not like to see that happen. i think the country is a little too strained already. >> lawyers already waiting by the phones. thanks, art. have a good weekend. art cashin. the october jobs number, sandy's impact on the economy, the future for job creation and a presidential election. we'll discuss it all with adviser alan krueger in a moment. >>> plus, restoration har wear jumping into the i po waters. the ceo and founder after the retailer's first trade happening right here at the big board. of course the opening bell is in three minutes. >>> tonight americans will unite to aid those who need it most in an all-star benefit. an all-star benefit. hurricane and i'm here to tell homeowners that are 62 and older about a great way to live a better retirement. it's called a reverse mortgage. [ m
powered ahead of mitt romney. >> thought it might be you there. we want to know if he set a new agenda for presidential campaigns in the future. >>> the words four more years coupled with a photo of barack and michelle obama embraced in a hug is the most retweeted post ever. the u.s. president tweeted just. and it's been retweeted half a million times. >> do you think he actually pushed the tweet button? >> twitter doesn't let you to that anymore which i found out when i tried to -- >> what do you mean? >> it only counts -- >> he it actually didn't -- >> oh, tweet it in the first place. no, they probably have a team of people. >> that's what i mean. >> so to say that he tweeted is not factually correct, is it. >> thank you for catching that. norm johnson is here to talk about just how as we were discussing, how candidates use social media. and to you you think the way in which obama used it helped his re-election? >> ross, first of all, i think it was his kids that tweeted it. that's the trick that i use. but i think it certainly helped. if you look at the power of word of mouth partic
action today -- the coal stocks, which have been up on hopes of a romney victory, are down sharply today. health care, which was down, perhaps because of a romney victory, is higher today. we are seeing a reaction to the election, aren't we? >> of course you are. that's exactly what i predicted. listen, america is now facing austerity. it was europe's turn. now it's america's turn. austerity is very deflationary and very depressionary. there will be a recession in 2013. china has yet to bottom. we will have a recession now. >> so what are you going to do within your portfolio? >> listen, we are now selling defense. we're selling dividends. we're selling cyclical stocks. we're raising cash. we believe that you should not play russian roulette with your investments. you have to be careful here. when we get resolution on the fiscal cliff, and i'm sure there will be very early in 2013, then we'll go back into the market heavily. not until then. >> okay. jeff, in the meantime, you believe with obama remaining in position that ben bernanke's job is safe for the foreseeable future and that is i
to work right new. because of this election, if we see romney elected, we'll see oil prices drop. you'll see energy prices drop. that might be a buying opportunity at that point. other than that, i really believe we have to just take a look and see attitude right now. >> well, one of our guests, a regular on this program, had a great idea. he said to me, maybe for one month the fed instead of putting that $40 billion of mortgage-backed securities buying, put that on hold and send it to some of the ravaged areas like staten island, like new jersey. >> i love it. i absolutely love that idea. >> i do too. >> then the fed's crossing the line into fiscal policy and out of the realm of monetary policy. >> where are we going to get it? >> fema responds rather adroitly to -- katrina notwithstanding, to these disasters. i suspect they're going to be quite responsive right now for those who have been displaced, who have lost family members, who don't have homes. i think there will be a rapid response from the federal government. >> i'm just saying, we could use that money in other areas right n
. ♪ >>> welcome back. misbegotten hard-line stance was the key reason for mitt romney's defeat. unless the republican party has a radical change on immigration policy, they may never be another republican presidential win in my lifetime. ing in fact, even the reddest of states like texas could turn blue according to senator-elect ted cruz. another nail in the gop coffin. joining us to talk about all of this, republican media baron christopher ready. president and ceo, chris, great to see you. i want to start, if you don't mind, start on the immigration blunder which romney made -- right at the beginning and i know you were all over this. and -- it seems to me if would don't figure out something, path to citizenship, different rhetoric, different selling points, more outreach, gops will be dead in the water for as far as the eye can see. >> we face a demographic time bomb. we already are seeing it in this election. and i think with ted the article in "the new yorker" you mentioned, where he was quoted the years ahead will be very ominous for republicans unless we change. i think this el
obama, 46% for mitt romney. finally new hampshire, the only state in the northeast where mitt romney's a real threat to take away from democrats. president obama's got a 2 percentage point lead, 49-24. in all of these polls, we see that mitt romney is roughly even with the president on the -- who can best manage the economy. on their favorable ratings, mitt romney's has improved, but in each case the lead the president has among women is spllightly larger than the lead mitt romney has among men. simen? >> john, thank you. >>> let's move from sandy and the road to recovery. baby steps i'm afraid still being taken in the city of new york today, including reports that manhattan power may be back online during the course of the weekend. until then, things appear to be getting tense. our senior correspondent scott cohn joins me now from lower manhattan. scott, i just heard firsthand that some residential buildings are now hiring armed guards because of the type of threat that they have faced from people attempting to loot as, of course, the police make those very regular trips during the
. is it because some now move their support to romney? is it because the friction of regulations? who knows. either way, there's no jamie dimon here, there's no lloyd blankfein here. there's also no representative of small business. the big labor leaders were here yesterday. the majority of employers in this country are not represented behind those doors today. >> i'm not sure the -- the head of am ex is there. not sure he would be a representative of wall street but it was remarked on here or not floor that there was no major banking interests there at all. you're right to point that out, brian. >> sue, if i could jump in to explain. white house has been asked about this. what they have said to us is that they were looking for consumer facing businesses here. that's why they brought a lot of these guys who sell products to consumers out in the public. they also said this is not going to be the last one of the meetings that they are going to hold, that they will have other executives from other industries in throughout the course of this fiscal cliff conversation. >> consumers can't buy a
us for the report. and then we'll get reaction from the romney campaign with ron hubbard. that's at 8:40 eastern time. obviously a lot on our plates today. andrew, i'll send it over to you. >> the coast guard opening the port of new york new jersey on a restricted basis today allowing the backlog of barges containing gasoline and fuel into the area for the first time. how soon, however, will we see relief in the area impacted by sandy? that's the big question this morning. joe knows this very well, on my way in today, i had to take a taxicab for $125 because jeeves was this line to get gas, he was out of gas. >> i tried to take a car, my guy who i call -- he is not, but he nights as well be a former -- he has never failed. on on tuesday he came. and there have been snowstorms in the past where we've gone off the road, around, jack moved tractor trailers to get here's couldn't get gas. and so then i had to use -- i had a certain amount left in reserve. my gas tank is locked because people are siphoning now. >> it happened to one of our producers. >> there are people with guns. first 12
the financials got hit so hard. if it had been romney, the cliff would be less of a deal because they would stepped all of them. so now we know and we lettered it first hand yesterday. boehner said we're open to tax increase, but part of a bigger plan that involves spending cuts. dove did a bungee -- >> worst thing i ever did. >> but it goes down and then right back up. >> the worst part is you feel like you're connected on something, but don't. it's a free fall until the very he said and then he start to feel like i'm connected to something and it throws being back into the air. >> my question is let's say that it's not a bungee, let's say it's a rope. so you jump and then you -- that would be like hanging yourself. but you do possibly survive. but then you're all the way down there and then you don't know when someone's going to pull you back up. i think it might be more like that. if we go down, we may be d dangling for a while. >> once we go over the cliff, it's much more complicated. and you get rope burns, too. >> you can it. well, that's if it's not stretchy and it's just a rope,s's
of cyprus semiconductor will talk to us. >>> and a romney voter writes to obama asking for bipartisan progress and is shocked when the president reads his lel at yesterday's press conference. that letter writer is going to join us here live. don't forget, folks, as always, free market capitalism, it's the best way to prosperity. i'm kudlow. "the kudlow report" is coming right back. [ female announcer ] want to spend less and retire with more? then don't get nickle and dimed by high cost investments and annoying account fees. at e-trade, our free easy-to-use online tools and experienced retirement specialists can help you build a personalized plan. and with our no annual fee iras and a wide range of low cost investments, you can execute the plan you want at a low cost. so meet with us, or go to etrade.com for a great retirement plan with low cost investments. ♪ >>> the stock market selloff continues with the dow, nasdaq and s&p all down more than 5% since president obama's reelection with a looming fear of a stalemated fiscal cliff that might lead to recession, now inexplicably presi
to succeed tim geithner as treasury secretary wasn't getting long enough, now you have mitt romney's name thrown into the ring. >> ben white joins us now to talk more about that. ben, you admit it's unlikely, but you think this would work. talk to us about it. >> it's a little unlikely. good to be with you. thank you. you look at the two things, the biggest knocks on the obama administration in the first term were they didn't have a businessman with any business experience in any senior role, and they had terrible relations with republicans on capitol hill. no businessman, no bipartisanship. romney gives you both of those. he's a guy that gets along with republicans. he could make a deal on entitlements, tax reform. and he gets you a lot of business experience. i first said it as a joke, then i thought it makes sense. a lot of people agreed with that. >> certainly the president wants to reach across the aisle, you know, once in a while and have republicans do that. usually a businessman goes to commerce secretary. >> often, but it's a back water agency. if you have someone with a really p
of view when it comes to the election but those are the numbers right now. >> mr. romney has been pointing out that the unemployment rate is higher -- by .01%. >> you say a war, it misses the whole story, the whole drama. >> john harwood, it feels to me that we're going to spend most of the weekend in spin class, if you will, as both sides try and spin these numbers for their own purposes. >> well, i do think it is a little bit late for spin. i wouldn't -- i agree with steve, i don't think this report is a game changer, positive or negati negative, for the president. we've seen even before the last report when the jobless rate went down below 8% to 7.8%, it did not move the needle very much in terms of the presidential race. our country is very polarized. 90% of the people have already made up their mind who they are going to vote for. the idea we are recovering economically but very slowly in a manner in which there are millions of people still looking for jobs is baked in to everybody's expectations. i think this gives the president a grace note to close his campaign on, not likely to ma
that it had romney won, that force would mitigate or eliminate it, we would have an easy extension. and when he didn't win nor did the republicans do very well, there's an idea, oh, my god, that cliff is much more serious. and i think it has a lot of -- people with capital gains have been locked in saying imrequesting to take under 15%. >> that's not even a fiscal cliff issue. they're going up no matter what. >> but i actually think that that issue of the taxes and locking in lower rates right now is more reason for why the market went down than the cliff itself. >> why would the corporate managers just be pulling back? >> well, you actually outside of housing, that's happened even beforehand. i mean, with weak demand, gdp going up at 2%, they tonight see a lot of need for increased capacity at this time. i think a lot of that is the pulling back. until we see a stronger economy and stronger consumer growth, why increase capacity. not enough people will buy it. >> but you think this is happening in spite of the fiscal cliff, not because of it? >> i think a lot of it -- and we're still in a s
about to give right now? jim's mad dash is coming up next and romney for president policy adviser lanhee chen. take a look at futures as we start into the open bouncing off three month lows. "squawk on the street" continues right after this. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. >> jim and his mad dash talking. this week is a watershed week for nat gas in general. >> cold in new york. 28 degrees. that often can burn off the inventory. clean energy fuels had them on last night. why focus on this? they have a clear growth path to build out stations. lloyd blankfein said in his editorial that key thing for growth in our country is energy. abundant energy. i thought we should look at clean energy that would benefit. markwest, this is a company that has a price above where they did secondary. look at the "wall street journal" word on the street. they say that maybe mlps have been ov
's also what mitt romney's going to speak about at every one of his campaign stops. >> that is the big number there. gary, at this point, we're still in earnings season. many companies had to delay their earnings reports. we have to get out of this crisis mode here. are you surprised we're rallying even though the markets still face a lot of uncertainties? >> no, bill, i'm really not that surprised. we've had a decent selloff in the market. the s&p 500 is off about 4% or 5% from its peak in mid-september. you know, now we're getting about 100 basis points back here. the technology sector was up almost 10%. it's having a nice bounceback as well. so i'm not too surprised. there is a technical effect going on here with this rally. >> all right. thank you, both, for joining us today and your thoughts on today's market. appreciate it very much. so on the heels of sandy, finding gasoline is becoming harder and harder in the metropolitan area surrounding new york city. it's becoming a major headache for many commuters in one of the most densely populated areas of the country. mary thompson at
, gee, governor romney lost. as long as his candidacy was alive, a chance for a deal was alive because a new cast of characters in washington would be coming in. typically a republican in the white house that gives you the hope of anything drastic could be reached. now we're back to the same antagonists who couldn't agree last time. so i have another comeback. my pro. simple. why shouldn't we think something can be worked out and the politicians can rise above this partisan warfare? the intransigence of the republicans arguably cost them the white house. and a bunch of what should have been certain senate seats. something that should have been a given, given the lousy unemployment numbers. they have to realize it's electoral suicide to stick by the promise to never raise taxes for the ultra rich. if they do so, they run the risk of being voted out of congress. that's the take away of tuesday night. it's a pretty powerful incentive that could bring about a resolution that doesn't dramatically raise taxes on stocks. and that might tip people back into the market. as they realize that ris
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